FEC approves $2.5m for power projects – Newstrends
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FEC approves $2.5m for power projects

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3 years ago

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…ratifies greenhouse emission reduction report

The Federal Executive Council has approved $2,541,689 and N498,230,281 for four power projects, Minister of Power Saleh Mamman, has said.

He announced the contracts on Wednesday while addressing State House Correspondents after the week’s virtual meeting presided over by Vice-President Yemi Osinbajo in Abuja.

The minister said FEC approved the supply and installation of motorised portable hydraulic compressor for the Transmission Company of Nigeria in favour of Messrs Intern Equipment Nigeria Limited for $502,950 plus N15,800,000.

“The second approval was also received for the award of the contract for the supply and delivery of three sets of online partial discharge measurement and monitoring equipment for the TCN in favour of Messrs T and D Technology Limited for $874,800 offshore, plus N240,100,000 onshore, with a delivery period of nine months,” he said.

He said the third approval was the award of the contract for the repairs of 100 MVA and four sets of 60 MVA 132 33 power transformers for TCN in favour of GT Engineering Limited for $661,220 offshore and N127,758,781 onshore with a delivery period of 12 months.

Mamman said, “On the last one, approval was also granted for the contract for procurement of 10 sets of 330 KV and 30 sets of 133 KV circuit breaker for the TCN in favour of Horsepower Engineering Trading Limited for $502,719 plus N114,571,500 with a delivery period of six months.”

FEC, he said, ratified an anticipatory approval received from President Muhammadu Buhari on the Nationally Determined Contribution as part of commitment to the climate change pact.

The minister said the contribution saw Nigeria agreeing to cut greenhouse gas emission by 20 per cent as of last year and by 45 per cent in 2030.

He added that part of the obligations to the signatories of the agreement is the revision of the progress and the submission of an interim report every five years.

He said, “The Federal Ministry of Environment presented a memo today, seeking the ratification of an anticipatory approval that we received from Mr President on the submission of our primary NDC, that is the Nationally Determined Contribution.

“This is part of the commitment that Nigeria made in 2016 during the Paris Agreement; that every country, after five years, will revise the commitment the country made in cutting down emission.

“So, at the time we committed to reducing emission by 20 per cent, unconditionally, meaning we can do it by ourselves; that’s by 2020. The 20 per cent is by the year 2020. At the same time, we are also committed to reducing 45 per cent by 2030. That’s from the year 2016.

“So, we did the first the interim report. A country is supposed to send in an interim report to the United Nations Climate Change desk. Then, before July 31, you’ll submit the final report.”

Asked if Nigeria achieved the 20 per cent emission cut last year, he said, “Based on our calculations, we have met that 20 per cent last year. In fact, I can even say we have surpassed that. That’s why we took that as unconditional.”

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Finally, NERC unbundles TCN, creates new system operator

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2 days ago

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May 4, 2024

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Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”

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Naira depreciates again, trades at N1,402/$

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3 days ago

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May 3, 2024

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Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.

However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

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4 days ago

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May 1, 2024

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Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

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